Profits increase to €27m at dairy co-op Carbery
Carbery Group, the Cork-based international manufacturer of value-added ingredients, flavours and cheese, has reported an increase in annual earnings of 4.8pc to €37m for year ended 2016.
The group, which is owned by four Irish co-operatives, reported operating profit before interest, tax, amortisation and exceptional items of €27.1m, an increase of 6pc year-on-year.
However turnover for the year was down to €340m compared to €349.5m in the previous year.
Carbery's Irish-based dairy business had a good year with solid margins and new business from both its cheese and ingredients divisions.
Milk supply processed at Ballineen in 2016 was up 4.4pc to 470m litres.
Dan MacSweeney, CEO at Carbery Group, said that the results were achieved against a market backdrop of weak global dairy prices.
"During the year, we prioritised the need to support milk prices for our dairy farmers and, once again, Carbery paid industry-leading milk prices," Mr MacSweeney said.
"This was possible due to the underlying strong performances from our Ireland based dairy and nutrition divisions and our international division, Synergy, which continued to grow its customer base in overseas markets."